Asia-Pacific markets eyed gains on Thursday after most indexes fell for two straight days, as investors shift focus to inflation data from China.
Asia-Pacific markets were poised for small gains Thursday after most indexes in the region fell for two straight days, as investors focus on inflation data from China.Market participants now await October consumer prices data from China, which is expected to fall 0.1% year-on-year according economists polled by Reuters. Producer prices are expected to decline 2.7%, according to a Reuters poll.
However, investors reduced their allocations to active funds, now down to 47% of total assets under management. Bank of America equity and quant strategist Savita Subramanian said managers are"benchmark hugging" as conviction over the market direction wanes.The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances fell last week to 7.61% from 7.
The energy complex has continued to move lower throughout the day Wednesday, sending the benchmark December RBOB gasoline futures as low as $2.1220 a gallon, the lowest since Dec. 16, 2022.
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